Stay away from new POW coins

[TanakabZX]

Don't waste your time mining new coins, if a coin have real purposes many will forward their hashing power to such coin, in a week the Mining difficulty will rise alot, I've mined over 20 altcoins in the past mainly cryptonight coins and only 4 of the coins survived till date, that's haven, loki, dero, and turtle coin, others are abandoned,

[mak013]

May be it depends on what coins to mine? I`m mining only ETH for 6-8 last months. Before it i mined various coins and most of them were more profitable than ETH. Only TRTL and RYO were cryptonight coins.

[arielbit]

Some do not even reach some decent exchanges or worse it can't even get listed to any exchange LOL

This market cycle has not procduced a next best thing POW coin.

Anon is XMR, platform is ETH....what's next? Enjoy while this mining goodness still lasts.

[New_order]

May be it depends on what coins to mine? I`m mining only ETH for 6-8 last months. Before it i mined various coins and most of them were more profitable than ETH. Only TRTL and RYO were cryptonight coins.

Do you mind sharing how you get details on new proof of work coins when available? I got lucky to have mined Electroneum and graft coin only, other failed or got abandoned, new coins are very dangerous but can be more profitable than old coins if they end up on exchanges

[JHORN]

New altcoins can be profitable at times if you can do good reviews research on them before pointing your mining rigs to them, I could remember how profitable ETN was in 2017, I made some money in a week before the mining difficulty grows bigger and become less profitable

[Evgenklm]

You may have had a bitter experience, but today it is really better to mine ETH, taking into account its price and the price of the transaction, miners now produce good blocks, but people have a GPU that will soon not mine ETH, because the DAG file with each block is more and more, so you have to look for an alternative.

[Claudio99]

You may have had a bitter experience, but today it is really better to mine ETH, taking into account its price and the price of the transaction, miners now produce good blocks, but people have a GPU that will soon not mine ETH, because the DAG file with each block is more and more, so you have to look for an alternative.

DAG files takes time to get filled up, before 6gb DAG gets here we will be in 2023 or 2024, I'm sure those that are buying 6gb VRAM cards would have earned their return of investment highest in a year time, also if Eth stop pow some day other coins will surely be profitable too

[Greatdev]

Don't waste your time mining new coins, if a coin have real purposes many will forward their hashing power to such coin, in a week the Mining difficulty will rise alot, I've mined over 20 altcoins in the past mainly cryptonight coins and only 4 of the coins survived till date, that's haven, loki, dero, and turtle coin, others are abandoned,

I fell for bad Pow coins in 2017 because I don't have the idea about fake and real projects that I have now back then, I sucks at doing good research on projects, in 2017 there are so many new proof of work algorithm coins but majority of them died, I'm not sure if we still have new coins that are still using Pow algorithm today, the only one I know is Conflux token

[fmz89]

Don't waste your time mining new coins, if a coin have real purposes many will forward their hashing power to such coin, in a week the Mining difficulty will rise alot, I've mined over 20 altcoins in the past mainly cryptonight coins and only 4 of the coins survived till date, that's haven, loki, dero, and turtle coin, others are abandoned,

well its to many clone on cryptonight algo and fpga hit all of them, xmr switch to cpu algo, and many other follow the trend

its nice at the time mining those coin with rx vega massive profit 20$/day/gpu that was i remember at the peak

[RabbiTANK]

I don't blame you, too many new POW coins are like experiment from developers who are still upcoming, they pretend to have good intent for the projects but that's not what's happening, it's very easy to close Monero so before mining any new POW coin it's better to do good research, not all new POW altcoins are that bad but majority are

[Novatech8]

There are some good proof of work altcoins in the past, around 2017 and 2018 but as time passes by POw coins became limited, I still remember when graft, turtlecoin, loki, Electroneum came into crypto space, those who quickly mined them for a week max made huge amount of money from these coins, now it's DeFi here and there, we have limited PoW coins now so if you find any make sure it's going to worth your time

[Apostlekin$$$]

There is nothing to worry about if you know how to identify serious PoW coins to mine, honestly I've seen a friend who made thousands of dollars from a Pow new coin in 2017, it's a privacy coin but I've forgotten the name, when the coin get listed it has good value and he dumped the mined coins straight up, it was a life changing experience for him, but this opportunity comes once in a while sometimes you gotta take risks you know

[mak013]

May be it depends on what coins to mine? I`m mining only ETH for 6-8 last months. Before it i mined various coins and most of them were more profitable than ETH. Only TRTL and RYO were cryptonight coins.

Do you mind sharing how you get details on new proof of work coins when available? I got lucky to have mined Electroneum and graft coin only, other failed or got abandoned, new coins are very dangerous but can be more profitable than old coins if they end up on exchanges

Mining is dangerous. And does not matter what coin do you mine. Situation in 2021 is not the same that was in 2017, mining changes, but you can find new perspective coins yet, there are web-sites that can help you.

[Kvalentine]

Not all new coins are bad, I'm not saying you should start mining new coins but I saying you should be on look out for new POW that makes sense, no one expected ETN to be this good and I missed a good opportunity to mine that coin even when I could, a friend made 10,000$ from ETN through mining, good project is all that matters

[Furryball]

Not all new coins are bad, I'm not saying you should start mining new coins but I saying you should be on look out for new POW that makes sense, no one expected ETN to be this good and I missed a good opportunity to mine that coin even when I could, a friend made 10,000$ from ETN through mining, good project is all that matters

Yea sometimes new coins are worth the risk, I've seen many making more money from mining new pow coins and most of them don't last for long before the lose value, the trick is make your gains and sell the coins because you can not tell what will happen to such coin later

[Porfirii]

As far as costs are not excessive it is a bit like gambling with fewer risk. But in the case electricity is expensive in your country or, like mine, you have to pay $350/montly just to get "permission" to mine, it is possible that with most of the altcoins mined you can't cover the costs because they'll not even be listed in any exchange. If your situation fits more with the second example, it could be better to simply buy and hodl crypto with the money you were thinking to invest in mining.

Do your maths taking into account that the risk is high. Don't spend mining the money you can't afford to lose.

[jessyj48]

As far as costs are not excessive it is a bit like gambling with fewer risk. But in the case electricity is expensive in your country or, like mine, you have to pay $350/montly just to get "permission" to mine, it is possible that with most of the altcoins mined you can't cover the costs because they'll not even be listed in any exchange. If your situation fits more with the second example, it could be better to simply buy and hodl crypto with the money you were thinking to invest in mining.

Do your maths taking into account that the risk is high. Don't spend mining the money you can't afford to lose.

What? Are people actually paying 350$ per month on electricity in some countries? That's a killer bill I would rather so build inverter and solar panels, in my country electricity costs around 15$ to 25$ per month

[Porfirii]

What? Are people actually paying 350$ per month on electricity in some countries? That's a killer bill I would rather so build inverter and solar panels, in my country electricity costs around 15$ to 25$ per month

No, not for the electricity, but in order to be able to "work". In Spain, if you want to work as a freelance, or have a little business (and crypto mining is now considered little business by the tax agency) you have to pay this monthly bill of almost €300 (more than $350). You can always do it illegally, but the fines are quite high also.

Electricity and equipment are different expenses, not included in the one above.

I don't know any other country where this happens, but it is good to remember to check local laws before starting, just in case.

[Bitbtc8]

What? Are people actually paying 350$ per month on electricity in some countries? That's a killer bill I would rather so build inverter and solar panels, in my country electricity costs around 15$ to 25$ per month

No, not for the electricity, but in order to be able to "work". In Spain, if you want to work as a freelance, or have a little business (and crypto mining is now considered little business by the tax agency) you have to pay this monthly bill of almost €300 (more than $350). You can always do it illegally, but the fines are quite high also.

Electricity and equipment are different expenses, not included in the one above.

I don't know any other country where this happens, but it is good to remember to check local laws before starting, just in case.

That's crazy honestly, what if my rig can only do 50$ per month will I have to pay 350$ every month? It doesn't make sense, the billing should be based on what miners are earning, I'm glad I'm not living in such country

[Porfirii]

That's crazy honestly, what if my rig can only do 50$ per month will I have to pay 350$ every month? It doesn't make sense, the billing should be based on what miners are earning, I'm glad I'm not living in such country

That's it, so you have to calculate very well the numbers before running any professional activity on your own, or business, here. The decision of the tax agency to add "crypto mining" to the list was more by ignorance that reasonably justified, because little/medium miners get out of the game straight away.

In most other countries your pay is based only in your earnings, or have a very low fee in order to be able to work, and it is something that we are asking for since ages here. But, on the other hand, we have quite good social security services, which I do not know to what extent justify the expense.